Euro Fights for Traction

Barbara Zigah
Barbara Zigah
on February 17, 2020 | Updated On Feb 17, 2020
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EuroThough higher currently, the Euro held close to a 3-year trough during the Monday trading session in London on investor concerns about slowing regional growth. Given the quiet on the economic calendar for the day, FX traders will be looking at tomorrow's release of the ZEW Survey for Germany, an indicator of business sentiment in the Eurozone's largest economy and the powerhouse of the region. Currently, analysts are predicting that the ZEW will show that economic sentiment fell to 20.4 from 26.7 in January, with the current situation reported at -10 from -9.5. The ZEW survey for the Eurozone is only slightly better with a predicted reading of 30, up from 25.6.

As of 11:19 am in London, the EUR/USD was trading at $1.0845, up 0.1376% and gaining some momentum away from the session trough of $1.08292. The EUR/GBP was higher at 0.8319 Pence, up 0.2338%; the pair has ranged from a low of 0.82958 Pence to a high of 0.83248 Pence.

Fundamental Data to Drive Euro in Near Term

The impact that the Coronavirus may have on trade and the economy in the Eurozone is also weighing on sentiment. China has continued to attempt to contain the virus and its central bank is working to ensure confidence in the currency and the economy. Analysts say that while economic fundamentals are likely to keep the Euro under pressure, the fears of a spread of the virus into the Eurozone will have a longer-term impact, thus are viewed as secondary to fundamentals.

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About the Author
Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.

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